Home / Business / Huge Wall Street Rally welcomes Customs Delay from Investing.com

Huge Wall Street Rally welcomes Customs Delay from Investing.com

© Reuters.

Investing.com – A decision by the Trump administration to delay the imposition of tariffs on goods imported from China triggered a massive rally on Tuesday, offsetting most of Monday's losses.

The administration delayed the imposition of tariffs on some goods until December

"We are doing this for the holiday season," President Donald Trump told reporters.

The rally sent retailers a plus of 1.48%, up 1

.44%. and the increase by almost 2%.

Winnings for the S & P 500 and Nasdaq – 43.69 points and 153 points respectively – recovered all losses on Monday. The Dow, who gained about 373 points, finished the day about 7.5 points ahead of a full recovery from his loss of 380 points on Monday.

The index, which has a focus on big tech, rose more than 2.2%. The index more than made up for its loss on Monday, ending the day 82 points before the close on Friday.

Apple (NASDAQ :), Electronics Retailer Best Buy (NYSE :), Nike (NYSE :), Microsoft (NASDAQ) Intel (NASDAQ), Cisco Systems (NASDAQ 🙂 and Caterpillar (NYSE 🙂 were among the biggest winners of the decision.

Apple rose 4.2%. and contributed nearly 58 points to the Dow. It was also the sixth-best performer among the Nasdaq 100 stocks.

The tariff delays focused on a variety of goods that were very popular during the Christmas shopping season, including cell phones, tennis rackets, video game consoles, computer keyboards, footwear and clothing.

The White House had vowed to impose tariffs on September 1, but the announcement at the end of July unsettled the markets and sparked wild swings in US stock prices. For a number of products, including food, tariffs will be charged on 1 September.

The Dow rose nearly 530 points before some traders sold to make a profit. Twenty-seven of the 30 Dow shares were higher. Two of the relegated – Boeing (NYSE 🙂 and IBM (NYSE 🙂 – were very dissatisfied.

Concerns that China would send troops to Hong Kong to suppress local protests seemed to have a modest impact on markets, but analysts said markets would be unfavorable to such news.

Prices were higher when the rally started. rose $ 2.17 to $ 57.10 a barrel. rose $ 2.73 to $ 61.30 a barrel.

however, fell, with the December forward contract trading at $ 1,512.30 per ounce of $ 5.

However, concerns about global growth persisted as the trade battle between Washington and Beijing continued to grow. Investors saw this as a reduction in the spread between 2-year Treasury bills and the 10-year bond. Many analysts believe that a 10-year return less than a 2-year return (inversion) is a strong signal that a recession is imminent.

Treasury yields closed at 1.702% after falling to just 1.618%. The Treasury yield rose to 1.673% and the spread was just 2.9 basis points or 2.9 hundredths of a percentage point.

The strongest sectors included technology stocks, unlisted securities and communications services stocks (including Facebook (NASDAQ 🙂 and Google Parent Alphabet (NASDAQ :))). Realvest and Utility stocks remained essentially unchanged.

Department store giant Macy's (NYSE 🙂 and Briggs & Stratton (NYSE 🙂 are among the companies reporting quarterly results on Wednesday.

Winners and losers in the S & P 500

The cybersecurity company Symantec (NASDAQ :), Best Buy (NYSE :), Micron Technology (NASDAQ :), and the Dollar Tree (NASDAQ) discounter On Tuesday, S & P 500 was one of the top performers on the S & P 500.

The weakest companies included Southern Utilities giant (NYSE :), Cabot Oil & Gas (NYSE :), the oil services company Helmerich and Payne (NYSE 🙂 and apartment developer United Dominion Realty Trust (NYSE 🙂 S & P 500 performers.

Source link